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Blackstone Inc.

BX Clue Score56
United States Fiscal year ends December CIK 0001393818
$114.29 +1.43% Close, 9 Oct 2026
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Price $114.29 −0.22% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue5.15Net income1.04EPS, diluted1.56Fiscal year 2017Revenue7.15 +38.8%Net income1.47 +41.6%EPS, diluted2.21Fiscal year 2018Revenue6.83 −4.4%Net income1.54 +4.8%EPS, diluted2.26Fiscal year 2019Revenue7.34 +7.4%Net income2.05 +32.9%EPS, diluted3.03Fiscal year 2020Revenue6.10 −16.8%Net income1.05 −49.0%EPS, diluted1.50Fiscal year 2021Revenue22.58 +270.0%Net income5.86 +460.3%EPS, diluted8.13Fiscal year 2022Revenue8.52 −62.3%Net income1.75 −70.2%EPS, diluted2.36Fiscal year 2023Revenue8.02 −5.8%Net income1.39 −20.4%EPS, diluted1.84Fiscal year 2024Revenue13.23 +64.9%Net income2.78 +99.6%EPS, diluted3.62Fiscal year 2025Revenue14.45 +9.2%Net income3.02 +8.7%EPS, diluted3.87
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.15 7.15 6.83 7.34 6.10 22.58 8.52 8.02 13.23 14.45
Growth +38.8% −4.4% +7.4% −16.8% +270.0% −62.3% −5.8% +64.9% +9.2%
Net income 1.04 1.47 1.54 2.05 1.05 5.86 1.75 1.39 2.78 3.02
Growth +41.6% +4.8% +32.9% −49.0% +460.3% −70.2% −20.4% +99.6% +8.7%
EPS, diluted 1.56 2.21 2.26 3.03 1.50 8.13 2.36 1.84 3.62 3.87

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin20.2%Free cash flow margin−2.1%Fiscal year 2017Net margin20.6%Free cash flow margin−23.1%Fiscal year 2018Net margin22.6%Free cash flow margin0.4%Fiscal year 2019Net margin27.9%Free cash flow margin25.9%Fiscal year 2020Net margin17.1%Free cash flow margin29.9%Fiscal year 2021Net margin25.9%Free cash flow margin17.4%Fiscal year 2022Net margin20.5%Free cash flow margin71.6%Fiscal year 2023Net margin17.3%Free cash flow margin47.8%Fiscal year 2024Net margin21.0%Free cash flow margin25.9%Fiscal year 2025Net margin20.9%Free cash flow margin31.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 20.2% 20.6% 22.6% 27.9% 17.1% 25.9% 20.5% 17.3% 21.0% 20.9%
Free cash flow margin −2.1% −23.1% 0.4% 25.9% 29.9% 17.4% 71.6% 47.8% 25.9% 31.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.09Capital expenditure−0.02Free cash flow−0.11Fiscal year 2017Operating cash flow−1.63Capital expenditure−0.02Free cash flow−1.65Dividends paid−2.84Fiscal year 2018Operating cash flow0.05Capital expenditure−0.02Free cash flow0.03Dividends paid−3.05Fiscal year 2019Operating cash flow1.96Capital expenditure−0.06Free cash flow1.90 +6,853.5%Dividends paid−2.40Fiscal year 2020Operating cash flow1.94Capital expenditure−0.11Free cash flow1.82 −4.1%Dividends paid−2.39Fiscal year 2021Operating cash flow3.99Capital expenditure−0.06Free cash flow3.92 +115.0%Dividends paid−4.60Fiscal year 2022Operating cash flow6.34Capital expenditure−0.24Free cash flow6.10 +55.6%Dividends paid−6.52Fiscal year 2023Operating cash flow4.06Capital expenditure−0.22Free cash flow3.83 −37.2%Dividends paid−4.27Fiscal year 2024Operating cash flow3.48Capital expenditure−0.06Free cash flow3.42 −10.8%Dividends paid−4.42Fiscal year 2025Operating cash flow4.66Capital expenditure−0.12Free cash flow4.55 +33.0%Dividends paid−6.01
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.09 −1.63 0.05 1.96 1.94 3.99 6.34 4.06 3.48 4.66
Capital expenditure −0.02 −0.02 −0.02 −0.06 −0.11 −0.06 −0.24 −0.22 −0.06 −0.12
Free cash flow −0.11 −1.65 0.03 1.90 1.82 3.92 6.10 3.83 3.42 4.55
Growth +6,853.5% −4.1% +115.0% +55.6% −37.2% −10.8% +33.0%
Dividends paid n/a −2.84 −3.05 −2.40 −2.39 −4.60 −6.52 −4.27 −4.42 −6.01

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.84Total debt8.94Net cash (debt)−7.10Fiscal year 2017Cash1.99Total debt15.17Net cash (debt)−13.17Fiscal year 2018Cash2.21Total debt10.40Net cash (debt)−8.19Shareholders’ equity6.38Debt to equity1.63Fiscal year 2019Cash2.17Total debt11.54Net cash (debt)−9.37Shareholders’ equity7.01Debt to equity1.65Fiscal year 2020Cash2.00Total debt5.73Net cash (debt)−3.73Shareholders’ equity6.65Debt to equity0.86Fiscal year 2021Cash2.12Total debt7.86Net cash (debt)−5.74Shareholders’ equity9.42Debt to equity0.83Fiscal year 2022Cash4.25Total debt12.49Net cash (debt)−8.24Shareholders’ equity7.66Debt to equity1.63Fiscal year 2023Cash2.96Total debt11.61Net cash (debt)−8.65Shareholders’ equity6.82Debt to equity1.70Fiscal year 2024Cash1.97Total debt11.46Net cash (debt)−9.49Shareholders’ equity8.21Debt to equity1.40Fiscal year 2025Cash2.63Total debt12.58Net cash (debt)−9.95Shareholders’ equity8.67Debt to equity1.45
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.84 1.99 2.21 2.17 2.00 2.12 4.25 2.96 1.97 2.63
Total debt 8.94 15.17 10.40 11.54 5.73 7.86 12.49 11.61 11.46 12.58
Net cash (debt) −7.10 −13.17 −8.19 −9.37 −3.73 −5.74 −8.24 −8.65 −9.49 −9.95
Shareholders’ equity n/a n/a 6.38 7.01 6.65 9.42 7.66 6.82 8.21 8.67
Debt to equity n/a n/a 1.63 1.65 0.86 0.83 1.63 1.70 1.40 1.45

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
46.3% 57.6% 51.4% 52.0% 42.9% 60.1% 40.6% 36.9% 48.8% 49.6%
20.2% 20.6% 22.6% 27.9% 17.1% 25.9% 20.5% 17.3% 21.0% 20.9%
−2.1% −23.1% 0.4% 25.9% 29.9% 17.4% 71.6% 47.8% 25.9% 31.5%
Spending
10.5% 6.8% 8.7% 9.3% 11.7% 4.1% 12.8% 13.9% 10.3% 10.6%
0.4% 0.3% 0.3% 0.8% 1.8% 0.3% 2.8% 2.8% 0.5% 0.8%
5.6% 18.0% 7.1% −1.3% 13.6% 8.7% 13.7% 17.4% 15.8% 15.7%
Returns
n/a n/a 24.2% 29.2% 15.7% 62.2% 22.8% 20.4% 33.8% 34.8%
3.9% 4.3% 5.3% 6.3% 4.0% 14.2% 4.1% 3.5% 6.4% 6.3%
Balance and payout
n/a n/a 1.63 1.65 0.86 0.83 1.63 1.70 1.40 1.45
52.6% 60.1% 52.4% 53.7% 44.5% 47.3% 53.7% 55.1% 55.2% 54.1%
n/a 193.2% 197.6% 116.9% 228.2% 78.6% 373.0% 306.9% 159.3% 199.2%
n/a n/a 11,132.5% 126.0% 130.8% 117.4% 106.9% 111.4% 129.4% 132.2%